Spotlight

Indian equity markets are expected to open on a cautious note as developments in the Middle East continue to shape global risk sentiment. GIFT Nifty futures are trading around 24,648 in early trade, marginally above the Nifty's previous close of 24,636, pointing to a largely flat start for domestic equities.

Global cues remain mixed. Wall Street ended lower overnight as investors booked profits following the recent rally, while firmer Treasury yields and a rebound in crude oil prices reflected continued uncertainty over the pace of progress in Middle East negotiations. Optimism over a potential diplomatic breakthrough has been tempered by the absence of a formal agreement, leaving markets vulnerable to geopolitical headlines.

WTI crude oil is trading near the $78-per-barrel mark after rebounding from recent lows, as supply concerns continue to offset optimism surrounding ongoing diplomatic efforts. Although oil prices remain well below their recent peaks, markets are likely to stay highly sensitive to developments in the negotiations and any disruption to shipping through the Strait of Hormuz.

Asian markets are also reflecting a cautious tone in early trade. Japan's Nikkei 225 and South Korea's Kospi opened higher but have since surrendered their early gains and are now trading about 1% lower, highlighting the underlying caution among investors.  

Technical view

Nifty 50

Nifty 50 is expected to trade on a cautiously positive note, with the broader technical structure remaining constructive despite the recent range-bound consolidation. The index has been sustaining above the 24,600 mark, indicating that buyers continue to defend higher levels. From a technical perspective, the 24,700 zone remains the immediate resistance zone. A decisive and sustained breakout above this band will be essential to reinforce bullish momentum and could pave the way for an advance towards the 24,800–25,000 region.
 
On the downside, the 24,600 level is expected to provide immediate support, followed by the 24,500 zone. Momentum indicators remain constructive. The Relative Strength Index (RSI) is hovering near 62, comfortably above the neutral zone, indicating healthy underlying momentum. Meanwhile, the MACD remains above its signal line with a positive histogram, suggesting that the broader bullish bias remains intact despite the recent consolidation. Overall, the near-term technical outlook remains cautiously positive.

Bank Nifty

Bank Nifty is set to trade on a steady footing, with the underlying technical structure remaining favorable as the index continues to hold above its key support zones. Technically, the 58,200–58,300 band stands out as the immediate resistance area; a decisive move beyond this level would strengthen buying interest and open the path toward 58,500–58,600.
 
On the downside, the 57,800–57,700 zone serves as the first line of support, with a breakdown below this level exposing the index to a deeper pullback toward 57,400–57,300. Momentum readings remain fairly neutral at present. The RSI is positioned in the mid-50s, pointing to a gradual strengthening in underlying momentum without yet signaling strong directional conviction.